324
324
Dec 3, 2012
12/12
by
CNBC
tv
eye 324
favorite 0
quote 1
the sink guegle biggest driver medicare. so if we don't make those tough decisions now, all we've done is a european style kick the can down the road and, you know, it's tough to cut entitlements and it's tough to cap deductions. austerity doesn't have to look like just taxing your way out of it. if you want to not work, you just tax your way out of it. >> i think we have to remember that this is politics and not economics going on here. that's the most important thing i think people have to remember. and we know we want more revenue and cut spending. that's why we have the problem to begin with. you have to accept that issue. le politicians aren't willing to accept that issue yet. both are at extremes. if you accept they're both at exseee extre extremes, how did we raise revenue. because the politics, not because of economics, they will not raise marginal rates. >> although we have heard some people say they would go along with that. >> i agree. the center is actually saying that. but i think -- so if the democrats know tha
the sink guegle biggest driver medicare. so if we don't make those tough decisions now, all we've done is a european style kick the can down the road and, you know, it's tough to cut entitlements and it's tough to cap deductions. austerity doesn't have to look like just taxing your way out of it. if you want to not work, you just tax your way out of it. >> i think we have to remember that this is politics and not economics going on here. that's the most important thing i think people have...
240
240
Dec 3, 2012
12/12
by
CNBC
tv
eye 240
favorite 0
quote 0
what does that mean for medicare? break it down in terms of where these savings come from. >> i wish i could. what we don't have here is a lot of detail hanging off this christmas tree at this point. we're looking at a couple of bullet points being released now in terms of the scale of the deal. it gives us overall broad numbers. presumably negotiators would have to go in and fill in details of how they're get that kind of savings. there have been a lot of proposals on health of finding billions of dollars of savings by reducing overhead and other things like that. you've seen the unions come out and say they don't want to see any changes at all that would hurt payoffs to beneficiaries in terms of health care. that would be one of the sticking points between republicans and democrats. we would have to see more detail from boehner's office and how they plan to get to the number of $600 billion. >> broadly speaking, these numbers are similar to where they left it on the table last year during those failed negotiations f
what does that mean for medicare? break it down in terms of where these savings come from. >> i wish i could. what we don't have here is a lot of detail hanging off this christmas tree at this point. we're looking at a couple of bullet points being released now in terms of the scale of the deal. it gives us overall broad numbers. presumably negotiators would have to go in and fill in details of how they're get that kind of savings. there have been a lot of proposals on health of finding...
70
70
Dec 10, 2012
12/12
by
CNBC
tv
eye 70
favorite 0
quote 0
this is a couple of days of operation for the federal government. 63 trillion deficit with medicare and social security between now and 2035. trillion with a t. >> big t. >> everybody is afraid to say no. to me, that the biggest risk. what keeps you up at night? >> keeping the investment pub lig and keep prague fegsal investors and people participating interested and confident under this market. right now whether you are in europe or the u.s., you don't have that opportunity. you are concerned about what the future has. we don't know what is going to happen going forward. >> as an invest over, are we living in a more risky environment now than ever? we grew up thinking america was the top of the world, best credit in the world, reserved currency. are things changing with regards to that? >> yeah, i think it is. i think the mind-set has changed. >> do you keep your money here or move it elsewhere. >> i think the u.s. is one of the most attractive places to invest in the world. it continues to serve us. i see the united states as being a great opportunity for invest many going forward and
this is a couple of days of operation for the federal government. 63 trillion deficit with medicare and social security between now and 2035. trillion with a t. >> big t. >> everybody is afraid to say no. to me, that the biggest risk. what keeps you up at night? >> keeping the investment pub lig and keep prague fegsal investors and people participating interested and confident under this market. right now whether you are in europe or the u.s., you don't have that opportunity....
279
279
Dec 7, 2012
12/12
by
CNBC
tv
eye 279
favorite 0
quote 0
higher medicare spending, higher retirement spending, and especially something we have to get used to and we're going to have to bump up the share of the economy, that is, from the government because that's the way we're going to have to live if we want to take care of the elderly. mark, is that a reality? does that mean higher -- i'm sorry, lower long-term growth rates for the economy? >> well, yeah. i mean, two things. one is it's right that because of the aging of the population, all else being equal, government spending as a share of gdp will rise because as definition the elderly will be using medicare and social security. but that's not the biggest part of the increase in what's going on in medicare and medicaid and social security. it's really the growth in health care costs. so, if we can control that and bring that rate down, then we'll be fine. we'll be okay. but you're right about the economy. the broader economy. because in the aging of the population, and people retiring, the rate of growth in the labor force is going to slow. it already is slowing and the underlying grow
higher medicare spending, higher retirement spending, and especially something we have to get used to and we're going to have to bump up the share of the economy, that is, from the government because that's the way we're going to have to live if we want to take care of the elderly. mark, is that a reality? does that mean higher -- i'm sorry, lower long-term growth rates for the economy? >> well, yeah. i mean, two things. one is it's right that because of the aging of the population, all...
210
210
Dec 6, 2012
12/12
by
CNBC
tv
eye 210
favorite 0
quote 0
if we want to truly save medicare and social security, we've got to do something about it. that's what republicans have been proposing all along. we want to solve a problem once and for all. and that's why we haven't waited -- it's interesting that we're just now talking about it. but back in july, we passed legislation that would freeze the rates, deal with sequestration, make the cuts that needed to take place in spend sog we wouldn't be at this dilemma in december at this time. the president was on the campaign trail then. we thought he'd get off the campaign trail now and stop politics and start focusing on policy. >> can i ask you one last one quickly. the original across the board spending cut for sequestration was i believe $1.2 trillion. >> yes. >> in the republican proposal, you all seemed to have $200 billion as some kind of substitute. what's going to happen to the other trillion dollars in spending cuts that people expected? >> well, we believe you take care of it right now for a couple years. we're looking to not just solve this problem overall. we want to have
if we want to truly save medicare and social security, we've got to do something about it. that's what republicans have been proposing all along. we want to solve a problem once and for all. and that's why we haven't waited -- it's interesting that we're just now talking about it. but back in july, we passed legislation that would freeze the rates, deal with sequestration, make the cuts that needed to take place in spend sog we wouldn't be at this dilemma in december at this time. the president...
286
286
Dec 10, 2012
12/12
by
CNBC
tv
eye 286
favorite 0
quote 1
do we means test medicare? it is so much easier for grover who will be on cnbc, forget the fiscal cliff, i will come after you with both barrels. if you vote tax increase. what's more -- do they want to rise above a tax increase? no. do they want to rise above fiscal cliff? no. what they want it do is not rise above the radar screen of raising taxes. and grover is more powerful than a recession. i asked him point-blank on "meet the press," college chum, look, it doesn't have to be a recession. we cut the entitlements. what are the entitlements that need cutting. and let's get medicare part b off there. what is your plan? no one is speaking about the specifics. because it's third rail. it's just plain third rail. >> medicare is the key, no doubt about it. the rising medical costs and percentage of the budget that that will continue to take up. it is the key area, when you're looking at spending cuts. >> right. and there's $4 trillion added on during the republican period. much of it for the global war on terror.
do we means test medicare? it is so much easier for grover who will be on cnbc, forget the fiscal cliff, i will come after you with both barrels. if you vote tax increase. what's more -- do they want to rise above a tax increase? no. do they want to rise above fiscal cliff? no. what they want it do is not rise above the radar screen of raising taxes. and grover is more powerful than a recession. i asked him point-blank on "meet the press," college chum, look, it doesn't have to be a...
206
206
Dec 4, 2012
12/12
by
CNBC
tv
eye 206
favorite 0
quote 0
the gop's ten year $2.2 trillion proposal raises the eligibility age for medicare up a couple years. it trims the cost of living increases for social security. and it brings in $800 million through tax reform. but it keeps bush era tax cuts in place for all taxpayers and that's something that the president says he will veto. a new player may be entering the takeover bidding for night capital. the journal reports that it's in you can takes to join vertu financial bid. virtu and get cco have offers o the table. and big lots reporting a loss of ten cents a share. full year profit forecast still above street consensus. >> let's take a look at the futures. at least at this point are indicated higher. dow futures up by about 13 points above fair value. s&p higher, as well. nasdaq up by 4. yesterday dow down low to 60 points. and you did see stocks close right near the lows of the day. dow and s&p 500 were down for the first time in four days. also take a look at what's happening in europe. we spoke with ross a little earlier and you can see that right now there are modest gains there. in f
the gop's ten year $2.2 trillion proposal raises the eligibility age for medicare up a couple years. it trims the cost of living increases for social security. and it brings in $800 million through tax reform. but it keeps bush era tax cuts in place for all taxpayers and that's something that the president says he will veto. a new player may be entering the takeover bidding for night capital. the journal reports that it's in you can takes to join vertu financial bid. virtu and get cco have...
182
182
Dec 10, 2012
12/12
by
CNBC
tv
eye 182
favorite 0
quote 0
that leaves us for the right thing which is some tax increases and some cuts in long-term benefits, medicare, social security, and so on. >> in which case and i hate saying this because it obviously shoots ourselves in the foot. are you advocating turn off the tv, turn off the noise, keep your investment goals focused and don't listen to the vagaries of what's coming out of washington? >> i would not listen to the vagaries of what's coming out of washington nor would i listen to the vagaries of what goes on in the stock market. everything goes up and down each day. and today it's natural gas prices. and tomorrow it'll be something else and day after will be something else. if you could just discipline yourself as an investor. i'm speaking now to the individual investors of our k n count country. don't pay a lot of attention to the short-term noise. focus on the long-term. you'll save yourselves a lot of transaction cost. and just realize that in the markets out there, the financial system is a drag on market return. because we're trading with one another, for heaven's sake. trades don't happ
that leaves us for the right thing which is some tax increases and some cuts in long-term benefits, medicare, social security, and so on. >> in which case and i hate saying this because it obviously shoots ourselves in the foot. are you advocating turn off the tv, turn off the noise, keep your investment goals focused and don't listen to the vagaries of what's coming out of washington? >> i would not listen to the vagaries of what's coming out of washington nor would i listen to the...
151
151
Dec 5, 2012
12/12
by
CNBC
tv
eye 151
favorite 0
quote 0
it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if they can get past tax rates and spending cuts, then they will be able to deal with the peripheral issues. but we don't have much time. if a deal isn't reached or a framework isn't reached in the next week or, so it's going to be a big problem. >> all right, thanks for that. good to see you. > >>> nokia -- we'll tell you more when we come back in a few moments. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this he pursuit of perfection. >>> a recap of the headlines today. the fiscal fight rages on in washington as the repub
it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if they can get past tax rates and spending cuts, then they will be able to deal with the peripheral issues. but we don't have much time. if a deal isn't reached or a framework isn't reached in the next...
270
270
Dec 10, 2012
12/12
by
CNBC
tv
eye 270
favorite 0
quote 1
durbin, very close to the president, talking about the fact that he can live with means testing in medicare. that's number one. on senator mcconnell's list of things he'd like to see done. nancy pelosi is even talking about, you know, it's not about race. it's about revenue. it's about getting the money we need to reduce the deficit. so atmospherics are better. we've got a chance. >> it sounds a lot better. we also try and figure out what the plan actually looks like just in terms of the ratio of spending cuts to tax increases or revenue increases. and there've been a lot of people who've gone back and forth. it started out where we were probably closer to three to one back last summer. and i thought that was what simpson-bowles laid out. then i've also seen something that was circulating last week, suggesting that the simpson-bowles plan really called for a one-to-one ratio. is that true? >> no. what we did is, we took current policy at that time. current policy at that time and bush tax cuts from the top 2% expiring and we took that as the baseline, and then what we did is we reformed the
durbin, very close to the president, talking about the fact that he can live with means testing in medicare. that's number one. on senator mcconnell's list of things he'd like to see done. nancy pelosi is even talking about, you know, it's not about race. it's about revenue. it's about getting the money we need to reduce the deficit. so atmospherics are better. we've got a chance. >> it sounds a lot better. we also try and figure out what the plan actually looks like just in terms of the...
231
231
Dec 7, 2012
12/12
by
CNBC
tv
eye 231
favorite 0
quote 0
why don't we say the rich get less social security and they pay more for their medicare? it meets the president's animus that we must get more money out of the rich. let's just send less money to the rich. i'm also willing to compromise on military spending. the only thing i'm not willing to compromise is to throw out facts, throw out common sense and say, oh, let's take more money out of the private sector and maybe the economy will do better. it is a really, really bad idea to raise taxes. i think he'll perhaps send us into another recession. >> you may be right, as a reagan supply sider, my heart and head are with you on this. but it doesn't seem you can get a deal that would avoid a big tax hike unless you get whatever cuts you can get plus a revenue increase. what do you think of mr. boehner's idea, cap deductions and get $800 million in revenues? does that make any sense. >> that's a tax increase. it's a bad idea. but i have yet another thought how we could fix this. why don't we let the democrats pass whatever they want. if they are the party of higher taxes, all t
why don't we say the rich get less social security and they pay more for their medicare? it meets the president's animus that we must get more money out of the rich. let's just send less money to the rich. i'm also willing to compromise on military spending. the only thing i'm not willing to compromise is to throw out facts, throw out common sense and say, oh, let's take more money out of the private sector and maybe the economy will do better. it is a really, really bad idea to raise taxes. i...
202
202
Dec 5, 2012
12/12
by
CNBC
tv
eye 202
favorite 0
quote 0
do you know that medicare and medicaid didn't exist 50 years ago and they're now a quarter of the federal budget? >> i know. it was supposed to be supplemental. david walker was on the other day talking about obama care which is supposed to save us a trillion dollars and the actual cost, what it added the our entitlement is 12 trillion. just that we did in the last two years. or whenever it was. >> but in terms of where we are now in this negotiation, i believe that both sides in the final analysis want a deal and the compromise is in the revenue side for the president and potentially rates which i think he's serious on and real entitlement reform for the republicans and the american people, markets, business, confidence, the able to move forward in 2013 is all a function of doing both of the things you talk about, joe. having an agreement to avoid the debt, the fiscal cliff, and then having a down payment on actually getting the $4 trillion identified. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be
do you know that medicare and medicaid didn't exist 50 years ago and they're now a quarter of the federal budget? >> i know. it was supposed to be supplemental. david walker was on the other day talking about obama care which is supposed to save us a trillion dollars and the actual cost, what it added the our entitlement is 12 trillion. just that we did in the last two years. or whenever it was. >> but in terms of where we are now in this negotiation, i believe that both sides in...
266
266
Dec 7, 2012
12/12
by
CNBC
tv
eye 266
favorite 0
quote 0
the amount of present value of unfunded future medicare, medicaid, and government pension liabilities is $87 trillion. that $87 trillion is greater than the net worth of the $63 trillion net worth of the united states. that number grew by $7 trillion. any accountant would have to say the u.s. is not a going concern. these debts are being hidden, not being reported. and i don't understand why. >> well, charles, you always get me thinking. maybe i don't agree with everything you say, but today i think i pretty much agree with a lot of it. thank you for being our guest. carl, back to you. >> all right. rick, thanks so much. in a job market that seems to be stabilizing, there are industries that still can't find the workers they need. we're highlighting two of those industries and finding out why businesses are so desperate to hire right after the break. ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop
the amount of present value of unfunded future medicare, medicaid, and government pension liabilities is $87 trillion. that $87 trillion is greater than the net worth of the $63 trillion net worth of the united states. that number grew by $7 trillion. any accountant would have to say the u.s. is not a going concern. these debts are being hidden, not being reported. and i don't understand why. >> well, charles, you always get me thinking. maybe i don't agree with everything you say, but...
152
152
Dec 3, 2012
12/12
by
CNBC
tv
eye 152
favorite 0
quote 0
or you have dick durbin come out one day saying he wants hands off social security and medicare in the frame work. that's where people see the breakdown in compromise. >> i think about durbin who has taken more arrows than anyone as someone who has hung with simpson-bowles and gang of six and say entitlements have to be part of this mix. what i think we do need to put in place and one of the things that our plan did that simpson-bowles and others did was if you walk in a top line number, you can't unwind that in the dark of the night. any ability to break a budget cap would require a stand alone vote. a two-thirds majority in the senate. this would be unprecedented in terms of trying to put discipline back into budgeting which we have lacked from both sides. >> you think the gang of six or gang of eight to the extent we get tax reform next year will play an important role in that and will we default back to simpson-bowles with corporate tax rates going down? >> i believe and hope tax rates will go down. they all went down based upon a top rated 39%. we can get it done. the challenge, i
or you have dick durbin come out one day saying he wants hands off social security and medicare in the frame work. that's where people see the breakdown in compromise. >> i think about durbin who has taken more arrows than anyone as someone who has hung with simpson-bowles and gang of six and say entitlements have to be part of this mix. what i think we do need to put in place and one of the things that our plan did that simpson-bowles and others did was if you walk in a top line number,...